Comments on: Brix Condo Auction Results: $344-$500/Sq. Ft. http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/ Mon, 15 Mar 2010 21:25:26 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: dildough http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-81287 dildough Mon, 12 Oct 2009 14:09:26 +0000 http://www.urbnlivn.com/?p=1510#comment-81287 yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks. yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.

]]> By: dildough http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-77457 dildough Mon, 12 Oct 2009 07:09:26 +0000 http://www.urbnlivn.com/?p=1510#comment-77457 yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks. yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.

]]> By: Chip http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76831 Chip Wed, 30 Sep 2009 15:49:24 +0000 http://www.urbnlivn.com/?p=1510#comment-76831 I totally agree with you cnut. I wasn't impressed with the building or the individual units in general and I'm surprised they got as much as they did. It's a great location but the developer could have done a lot better with the design and finishes. It's interesting that in general the two-story units had much steeper discounts than some of the smallest units. But still, I wouldn't pay that much to live in units like that. I totally agree with you cnut. I wasn't impressed with the building or the individual units in general and I'm surprised they got as much as they did. It's a great location but the developer could have done a lot better with the design and finishes. It's interesting that in general the two-story units had much steeper discounts than some of the smallest units. But still, I wouldn't pay that much to live in units like that.

]]> By: onehoonose http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76749 onehoonose Mon, 28 Sep 2009 18:58:29 +0000 http://www.urbnlivn.com/?p=1510#comment-76749 Developer notes are very different than your mortgage. typically their banker/lender is a partner in the success or failure of the project & as such is motivated to help them succeed even if it means perpetually postponing their note, readjusting terms or reducing principal. How do you think so many of these projects have been around for years? Lumen had been holding at virtually no sales for 3 years- Last thing a big bank back east wants to do is carry something like that in their pocket & report it on their balace sheet. they might have 5 years after the first closing to pay off the loan- we're back to a traditional market & banks expect it. Developer notes are very different than your mortgage. typically their banker/lender is a partner in the success or failure of the project & as such is motivated to help them succeed even if it means perpetually postponing their note, readjusting terms or reducing principal. How do you think so many of these projects have been around for years? Lumen had been holding at virtually no sales for 3 years- Last thing a big bank back east wants to do is carry something like that in their pocket & report it on their balace sheet. they might have 5 years after the first closing to pay off the loan- we're back to a traditional market & banks expect it.

]]> By: petepilkington http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76722 petepilkington Mon, 28 Sep 2009 11:56:02 +0000 http://www.urbnlivn.com/?p=1510#comment-76722 The question now will the 28 Million in sales yesterday, Assuming they all close within 30 days, be enough to save Schnitzer or will we see another auction when the next note comes due? The question now will the 28 Million in sales yesterday, Assuming they all close within 30 days, be enough to save Schnitzer or will we see another auction when the next note comes due?

]]> By: The Daily Reviewer http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76719 The Daily Reviewer Mon, 28 Sep 2009 06:13:46 +0000 http://www.urbnlivn.com/?p=1510#comment-76719 Hi!<br><br>Congratulations! Your readers have submitted and voted for your blog at The Daily Reviewer. We compiled an exclusive list of the Top 100 Seattle Blogs, and we are glad to let you know that your blog was included! You can see it at <a href="http://thedailyreviewer.com/top/seattle-wa" rel="nofollow">http://thedailyreviewer.com/top/seattle-wa</a><br><br>You can claim your Top 100 Blogs Award here : <a href="http://thedailyreviewer.com/pages/badges/seattle-wa" rel="nofollow">http://thedailyreviewer.com/pages/badges/seattl...</a><br><br>P.S. This is a one-time notice to let you know your blog was included in one of our Top 100 Blog categories. You might get notices if you are listed in two or more categories.<br><br>P.P.S. If for some reason you want your blog removed from our list, just send an email to <a href="mailto:angelina@thedailyreviewer.com" rel="nofollow">angelina@thedailyreviewer.com</a> with the subject line "REMOVE" and the link to your blog in the body of the message.<br><br>Cheers!<br><br>Angelina Mizaki<br>Selection Committee President<br>The Daily Reviewer<br><a href="http://thedailyreviewer.com" rel="nofollow">http://thedailyreviewer.com</a> Hi!

Congratulations! Your readers have submitted and voted for your blog at The Daily Reviewer. We compiled an exclusive list of the Top 100 Seattle Blogs, and we are glad to let you know that your blog was included! You can see it at http://thedailyreviewer.com/top/seattle-wa

You can claim your Top 100 Blogs Award here : http://thedailyreviewer.com/pages/badges/seattl...

P.S. This is a one-time notice to let you know your blog was included in one of our Top 100 Blog categories. You might get notices if you are listed in two or more categories.

P.P.S. If for some reason you want your blog removed from our list, just send an email to angelina@thedailyreviewer.com with the subject line “REMOVE” and the link to your blog in the body of the message.

Cheers!

Angelina Mizaki
Selection Committee President
The Daily Reviewer
http://thedailyreviewer.com

]]> By: Name http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76717 Name Mon, 28 Sep 2009 04:52:50 +0000 http://www.urbnlivn.com/?p=1510#comment-76717 Yeah, I couldn't believe the "asking" prices. I laughed out loud (then looked around a bit embarrassed) when I first saw the price sheet. Even at the peak in 07' those asking prices would have been a joke. On some of those units (the faux 1 beds), I wouldn't have paid the minimum. There were maybe two units in the whole auction that I would have paid the minimum bid price (and not much more). While the exterior architecture looked good, the interiors where a bit shoddy and poorly laid out. I was underwhelmed. Yeah, I couldn't believe the “asking” prices. I laughed out loud (then looked around a bit embarrassed) when I first saw the price sheet. Even at the peak in 07' those asking prices would have been a joke. On some of those units (the faux 1 beds), I wouldn't have paid the minimum. There were maybe two units in the whole auction that I would have paid the minimum bid price (and not much more). While the exterior architecture looked good, the interiors where a bit shoddy and poorly laid out. I was underwhelmed.

]]> By: Ken http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76714 Ken Mon, 28 Sep 2009 02:56:39 +0000 http://www.urbnlivn.com/?p=1510#comment-76714 Hey Matt thanks for the spreadsheet. It yields a couple high level numbers worth noting: The overall $/square foot came out right about $400 (that's total money paid divided by total square footage, it's $411 if you average the $/sq.ft. on a per unit basis). Per Redfin (<a href="http://www.redfin.com/zipcode/98102" rel="nofollow">http://www.redfin.com/zipcode/98102</a>) that's slightly below list but slightly above sold $/sq. ft. for the zipcode. Hey Matt thanks for the spreadsheet. It yields a couple high level numbers worth noting: The overall $/square foot came out right about $400 (that's total money paid divided by total square footage, it's $411 if you average the $/sq.ft. on a per unit basis). Per Redfin (http://www.redfin.com/zipcode/98102) that's slightly below list but slightly above sold $/sq. ft. for the zipcode.

]]> By: Name http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76710 Name Mon, 28 Sep 2009 01:51:02 +0000 http://www.urbnlivn.com/?p=1510#comment-76710 Yeah, they're "discounting" prices to get sales before their cash strapped construction lenders call their loans. That's the market we're in, however where's the data backing the statement that 36 buyers just paid 30% more than they should have? And what does an unfinished mixed use project in Los Angeles have to do with residential value in Seattle? I'm not seeing the comparison... Yeah, they're “discounting” prices to get sales before their cash strapped construction lenders call their loans. That's the market we're in, however where's the data backing the statement that 36 buyers just paid 30% more than they should have? And what does an unfinished mixed use project in Los Angeles have to do with residential value in Seattle? I'm not seeing the comparison…

]]> By: Name http://www.urbnlivn.com/2009/09/27/brix-condo-auction-results/comment-page-1/#comment-76707 Name Mon, 28 Sep 2009 00:52:06 +0000 http://www.urbnlivn.com/?p=1510#comment-76707 i was there. i couldn't believe the prices people were paying. i don't think people got much of a deal at all. the original asking prices seemed way too inflated to really compare the selling prices to. i was there. i couldn't believe the prices people were paying. i don't think people got much of a deal at all. the original asking prices seemed way too inflated to really compare the selling prices to.

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